Should I Combine My Insurance Cover?

As we all know, bad things happen to the best of people. Losing your house or car to an accident is a loss that you may not be able to recover from, so it’s best to make sure you can get peace of mind with the right insurance. Home and car insurance are probably several of many financial premiums you have to stay on top of. With your documents taking time-consuming organisation, it can be a better option to combine your insurance cover under one insurance company.

Some people might be wary of putting all their eggs in one basket, but this approach will make insurance more manageable for you. It may even save you money!

The Advantages

Many insurance companies offer discounts if you sign up solely with them because businesses are jealous and they want your custom all to themselves. As an exclusive client, you will receive a convenient, single bill every month so you don’t get swamped down with complicated paperwork. After a long day at work, the last thing you want to be doing is leafing through a pile of financial documents. It also means, if you need to make a query or renew your policy, you don’t have to ring up several different companies and keeping on top of your insurance premiums becomes much easier.

Possible Disadvantages

Be careful when it comes to signing up with one single insurer; even though it is more convenient to go with whatever comes your way, you have to make sure you’ve picked the right one for you. Ask questions about how they want you to make your payments; if you have to use multiple cheques to pay off your bills, rather than one lump sum, it could actually make your life all the more complicated.

Also, if you already have low insurance rates, it may not be worth merging your insurance policies. You might not get a better deal, so if money is your main concern, depending on the insurance company, it may be better off staying with what you have. Get a multiple policy quote to compare prices effectively.

Making The Switch

However, if the positives outweigh the negatives, then it is wise to change your insurance now. It works just like signing up for a new insurance policy.

The golden rule you should always stick by is: compare quotes. Sure, your current insurance company is familiar, so if they offer you a combined insurance deal you may be tempted to take it there and then. The best thing to do is to go online and compare home insurance prices so you get the best deal for your money.

As soon as you’ve found the right combined insurance policy, you can terminate your previous insurance coverage. Time this well however, because if you cancel too early, you may find that you are not covered within that small window of time. The chances of you suffering from an accident then are slim of course, but even so, it’s foolish to gamble when you could be paying out vast sums of money. Best to err on the side of caution.

This guest post was written by Tony on behalf of SO Switch

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